Costing Archives - Page 2 of 116 - MCQ and Quiz for Exams

11. Second ranked product in incremental revenue allocation method is termed as

primary product

First incremental product

Second incremental product

Third incremental product

Detailed SolutionSecond ranked product in incremental revenue allocation method is termed as

12. operating costing is a ________.

method of costing

technique of costing

norm of costing

procedure of costing

Detailed Solutionoperating costing is a ________.

13. According to which method of pricing issues is close to current economic values?

Last In First Out

First In First Out

Highest In First Out

weighted average price

Detailed SolutionAccording to which method of pricing issues is close to current economic values?

14. In automobile, . . . . . . . . costing is used.

process

batch

multiple

job

Detailed SolutionIn automobile, . . . . . . . . costing is used.

15. Match the following. List-I List-II a. Cost accounting 1. . . . . . . . . is usually prepared every month. b. Funds flow statement 2. . . . . . . . . deals with the cost of production, selling and distribution. c. Cash flow statement 3. . . . . . . . . is an important technique financial analysis. d. Ratio analysis 4. . . . . . . . . depicts the profit or loss made during a specified period.

a-4, b-3, c-2, d-1

a-2, b-1, c-4, d-3

a-4, b-3, c-1, d-2

a-3, b-4, c-2, d-1

Detailed SolutionMatch the following. List-I List-II a. Cost accounting 1. . . . . . . . . is usually prepared every month. b. Funds flow statement 2. . . . . . . . . deals with the cost of production, selling and distribution. c. Cash flow statement 3. . . . . . . . . is an important technique financial analysis. d. Ratio analysis 4. . . . . . . . . depicts the profit or loss made during a specified period.

16. Material is issued by store keeper against ________.

material requisition

material order

goods received note

purchase requisition

Detailed SolutionMaterial is issued by store keeper against ________.

17. The concept of economic order quantity is concerned with

Technique of warehousing of inventory

Technique of inventory control

Technique of inventory consumption in production process

Technique of control of wastage of inventory

Detailed SolutionThe concept of economic order quantity is concerned with

18. Abnormal cost is the cost:

Cost normally incurred at a given level of output

Cost not normally incurred at a given level of output

Cost which is charged to customer

Cost which is included in the cost of the product

Detailed SolutionAbnormal cost is the cost:

19. Capital gearing ratio is ___________.

Market test ratio

Long-term solvency ratio

Liquid ratio

Turnover ratio

Detailed SolutionCapital gearing ratio is ___________.

20. An approach which yields benefits of normal costing and actual manufacturing overhead is classified as

unadjusted allocation rate approach

adjusted budget rate approach

unadjusted budget rate approach

adjusted allocation rate approach

Detailed SolutionAn approach which yields benefits of normal costing and actual manufacturing overhead is classified as

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